MIRA INFORM REPORT

Report Date :

18.04.2007

IDENTIFICATION DETAILS

Name :	DONG DUONG AGRICULTURAL AND FORESTRY PRODUCTS IMPORT - EXPORT JOINT STOCK COMPANY
Registered Office :	No. 77, Alley 68, group 5, Cau Giay Str., Quan Hoa Ward, Cau Giay Dist., Hanoi City
Country :	Vietnam
Date of Incorporation :	2006
Legal Form :	Joint Stock Company
Line of Business :	Import and export of agricultural products, consumer products, industrial goods, foods and foodstuff.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Status :	New Company
Payment Behaviour :	Usually correct
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM
English Name	DONG DUONG AGRICULTURAL AND FORESTRY PRODUCTS IMPORT - EXPORT JOINT STOCK COMPANY
Vietnamese name	CONG TY CP XUAT NHAP KHAU NONG LAM SAN DONG DUONG
Trade Name	DONEXCO., JSC
Type of Business	Joint Stock Company
Founded	2006
Business Registration No.	0103013552
Date of Issuance	August 21^st, 2006
Place of Issuance	Hanoi Authority For Planning and Investment
Registered Capital	800,000,000 VND
Tax Code No.	0102020742
Total Employees	8 Employees
Qualification	Normal
ADDRESS
Head Office
Address	No. 77, Alley 68, group 5, Cau Giay Str., Quan Hoa Ward, Cau Giay Dist., Hanoi City.
Country	Vietnamese
Tel	(84 - 4) 833 2503
Fax	(84 - 4) 767 3218
Email	donexco@hn.vnn.vn or dat@donexco.com
Website	http://www.donexco.com
Note: The Subject have a factory in Viet Hung commune, Dong Anh Dist., Hanoi City.
DIRECTORS
1. NAME	Mr. DANG TRAN DAT
Position	Director
Date of birth	December 8^th, 1978
Identity card No.	011881821
Date of issuance	November 7^th, 1998
Place issuance	Hanoi Police
Resident	No. 77, Alley 68, group 5, Cau Giay Str., Quan Hoa Ward, Cau Giay Dist., Hanoi City.
Nationality	Vietnamese
Private Tel	++ 84 913 004737
2. NAME	Mr. PHAN THI LAN
Position	Vice Director (In charge of production)
Resident	No. 77, Alley 68, group 5, Cau Giay Str., Quan Hoa Ward, Cau Giay Dist., Hanoi City.
Nationality	Vietnamese
3. NAME	Mr. BUI LINH CHI
Position	Vice Director (In charge of affairs)
Resident	Hanoi City
Nationality	Vietnamese
BUSINESS NATURE AND ACTIVITIES
The subject now focuses on export of agricultural products (mainly cinnamon and anise)
The subject registered in the following lines of business: Import and export of agricultural products, consumer products, industrial goods, foods and foodstuff.
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject doesn’t import.
EXPORT: The Subject exports to India.
BANKERS
VIETNAM MARITIME STOCK BANK (MSB) - HANOI BRANCH
Address	No. 71 Hai Ba Trung Str., Hoan Kiem Dist., Hanoi City
Tel	(84 – 4) 822 6060
Fax	(84 - 4) 943 6477
Swift	HCOB VN+002
A/c No.	03001370223032
SHAREHOLDERS
The current shareholders of the subject are as follows:
1. NAME	Mr. DANG TRAN DAT
Position	Director
Date of birth	December 8^th, 1978
Identity card No.	011881821
Date of issuance	November 7^th, 1998
Place issuance	Hanoi Police
Resident	No. 77, Alley 68, group 5, Cau Giay Str., Quan Hoa Ward, Cau Giay Dist., Hanoi City.
Nationality	Vietnamese
Private Tel	++ 84 913 004737
Share	6,000 Shares
2. Name	Mrs. PHAN THI LAN
Position	Vice Director
Resident	No. 77, Alley 68, group 5, Cau Giay Str., Quan Hoa Ward, Cau Giay Dist., Hanoi City.
Nationality	Vietnamese
Share	1,000 Shares
3. Name	Ms. NGUYEN THI THANH TAM
Position	Shareholder
Resident	No. 7 – 381/64 Alley, Nguyen Khang Str., Yen Hoa Ward, Cau Giay Dist., Hanoi City.
Nationality	Vietnamese
Share	1,000 Shares
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Fair good
Liquidity	Average
Previous Payments	Normal
Payment status	Average
Development trend	Fair good
Legal Action	No recorded
Bankruptcy	No recorded
Mode of Payment	L/C, T/T
Sales methods	100 % exported
FINANCIAL DATA
The subject is newly established company. Therefore, its financial data is not available.
INTERPRETATION
The subject is a Joint Stock Company. It was established in August 2006 with total registered capital of 800 Million VND. The subject now specializes in import and export of agricultural products. Its main products now are cinnamon and anise which are exported to Indian market. Its products are major purchased from the Northern provinces such as Yen Bai, Lang Son of Vietnam. These products are preliminary processed in a factory in Hanoi city before exporting. The subject now is looking for the suppliers of cinnamon, anise, tea, ginger, crocus, and lotus seed with a large volume in order to help the company expand its export markets (to Pakistan, Middle East and so on). Agricultural product is a strong point of Vietnam, thus its potential for future development seems bright. The subject’s head office is also the private house of its director with 3 storeys, which is located in alley 68, Cau Giay road of Hanoi city. Its operation seems not very busy when we visited. There are only 2 persons there, including its accountant and director. The subject’s premises and facilities are normal. Its director has experience in this field of business for many times. In general, the subject is a newly founded company with a small scale. It has development strategy. However, its finance status is normal (its capital is not high and stable). The subject is capable for small and medium financial commitments. However, caution should be paid for big business deals with the company.

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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